12-1771b.   Redevelopment district containing an autorace track facility; procedure for establishing; bondissuance limitations; revenue redirected upon collections sufficient to satisfybond obligation.(a) The boundaries of anyredevelopment district in a major tourismarea including an auto race track facility located in Wyandotte county, shall,without regard to thatportion of the district pertaining to the auto race track facility, be asfollows: Beginning at theintersection of Interstate 70 and Interstate 435; West along Interstate 70 to118th Street; North along118th Street to State Avenue; Northeasterly along proposed relocated StateAvenue to 110th Street;North along 110th Street to Parallel Parkway; East along Parallel Parkway toInterstate 435; Southalong Interstate 435 to Interstate 70.

      (b)   Any major tourism area may include an additional area not exceeding 400acres ofadditional property, excluding roads and highways, in addition to the propertynecessary for the autorace track facility upon a finding by the governor that the development planand each project withinsuch additional 400 acre area will enhance the major tourism area. Forthe developmentof each project withinsuch additional 400 acre area the city shall select qualified developerspursuant to arequest for proposals inaccordance with written official procedures approved by the governing body ofthe city.

      (c)   If a city determines that revenues from sources other than property taxeswill be sufficientto pay any special obligation bonds issued to finance a redevelopment projectfor an auto race trackfacility as described in subsection (a) of K.S.A. 12-1770a, andamendments thereto all real andpersonal property, constituting an auto race track facility described insubsection (a) of K.S.A. 12-1770a, andamendments thereto, in such redevelopment district shall be exempt fromproperty taxation for aperiod ending on the date on whichno such special obligation bonds issued to finance such auto race trackfacility in a major tourismarea remain outstanding.

      (d)   The city which is authorized to issue bonds pursuant to the provisions ofK.S.A. 12-1770et seq. in order to finance a redevelopment project in a majortourism area as defined by K.S.A.12-1770a, and amendments thereto, shall obtain underwriting servicesrequired by the city forthe issuance of such bonds pursuant to written proposals received in accordancewith this section.

      Each city which is authorized to issue such bonds shall establishwritten officialprocedures for obtaining underwriting services required for the issuance ofsuch bonds, includingspecifications for requests for proposals and criteria for evaluation ofproposals on a competitivebasis. The proposal evaluation criteria shall include factors based on cost,capacity to provide therequired services, qualifications and experience.

      Prior to the issuance of any such bonds to finance a redevelopmentproject in a major tourism area the city shallpublish notice of a request for proposals to provide the underwriting servicesthat are required by thecity with regard to the proposed bond issuance and shall mail requests forproposals to qualifiedinterested parties upon request for such notice. The city shall award contractsfor such underwritingservices from the proposals received in accordance with the procedures andevaluation criteriaadopted by the city for such purpose. A city shall publish such notice in theofficial newspaper of thecity.

      (e)   The maximum maturity on bonds issued to finance projectspursuant to this act shall notexceed 20 years except that such maximum period of specialobligation bonds not payable fromrevenues described by subsection (a)(1)(D) of K.S.A. 12-1774, andamendments thereto,issued to finance an auto race track facility shall not exceed 30years.

      (f)   The secretary of revenue shall determine when theamount of sales tax and other revenues that have been collected and distributedto the bond debt service or reserve fund is sufficient to satisfy all principaland interest costs to the maturity date or dates, of any special obligationbonds issued by a city to finance a redevelopment project in a major tourismarea. Thereafter, all sales tax and other revenues shall be collected anddistributed in accordance with applicable law.

      History:   L. 1993, ch. 213, § 8;L. 2001, ch. 103, § 6;L. 2003, ch. 154, § 4;L. 2004, ch. 183, § 2;L. 2005, ch. 132, § 3;L. 2007, ch. 179, § 24; July 1.